1. Exxon Mobil Corporation processes crude oil into various refined products. In July 2033, the company processes 100,000 barrels of crude oil costing $5,000,000. The refining process yields gasoline, diesel, and jet fuel with the following:
   • Gasoline: 60,000 barrels
   • Diesel: 30,000 barrels
   • Jet Fuel: 10,000 barrels

Required:

• Allocate joint costs using the sales value at split-off method. Gasoline sells for $100 per barrel, diesel for $80 per barrel, and jet fuel for $120 per barrel.
• Determine the cost per equivalent unit for each refined product.
• Calculate the total joint production costs allocated to gasoline, diesel, and jet fuel.